Need suggestions for getting a mortgage loan?
My fiance and I are trying to get a loan for a house. We have already signed a purchase agreement with 3,000 down. We have tried 2 banks and 1 personal finacing company. They say they can’t help us because his credit score is only 552. He had collections which he has payed off were just waiting for them to take them off his account. (The debt collectors have submitted a letter to request it be taken off his account. They were only 2 medical bills and 2 verizon) We haven’t had any established credit since 2009. Every payment on that loan were payed on time. We need to raise our score 68pts in order to get a loan. We just don’t know how to go about it and to get it up as fast as possible. We are at our wits ends and ready to give up. We really want this home and have excellent credit refrences but nobody will give us a chance. Anybody please give suggestions! This is very discouraging!
I don’t know if it will help but we offered 37,000 on the house and we are willing to put another 3,000 down if it will help us get a loan. So we only need a loan for about 31,000. The listing price is 35,000. There are 2 other parties involved and have also put in a bid. They will decide what offer they want on feb. 14th and if the choose our offer we have until may to secure a mortgage loan. No rude comments please.. we made some mistakes and now are trying to fix it and have a home for our family.
We talked to FHA and they have given us an option to get a loan. Thanks to everyone who offered help and we wern’t stupid. Our 3K is protected and if we can’t get a loan or they don’t accept us we get it back.